ExxonMobil and its contractors grew their spend on Guyanese suppliers by an average of 80% annually, its 2023 Annual Report revealed.
Spend grew from US$23 million in 2017 to US$641 million in 2023. Recent growth in spend picked up, particularly following the establishment of the Local Content Act at the end of 2021. Spend grew 88.64% in 2022 and 62.65% in 2023.
Exxon said more than 1,700 Guyanese suppliers have benefited from opportunities within its supply chain.
“This represents continuous progress over the years as oil and gas operations expand in Guyana, creating more opportunities to service the industry in areas such as Cargo Management Service, Engineering and Machining, Pipe Welding, Blasting and Coating as well as in emergent sectors such as Warehousing, Civil Works and support services, Industrial Cleaning and Janitorial services,” the company stated.
It said too that more than 6,200 workers have supported its activities and those of its contractors by the end of 2023. This, it said, represents 68% of the total workforce.
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Exxon is working with the government to develop a world-class technical training college at Port Mourant, Berbice. It also partnered with Hess and CNOOC for the Greater Guyana Initiative (GGI), a project that contributes to capacity building initiatives for various local groups. Guyanese businesses benefit from guidance and training from the Centre for Local Business Development (CLBD), which GGI funds.
